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Daewoo Shipbuilding wins US$480 mln ship orders

Daewoo Shipbuilding & Marine Engineering Co., a leading global shipbuilder, said Thursday that it has clinched a 430.5 billion won (US$394 million) deal to build a vessel and an offshore facility. Daewoo Shipbuilding said it will deliver a floating storage and regasification unit and a liquefied natural gas carrier to Maran Gas Maritime Inc., a subsidiary of Greece’s biggest shipper Angelicoussis Shipping Group, by May 2020. The shipyard also said it won a separate order worth $82 million to build a very large crude carrier from Aeolos, another Greece shipper, ...

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NGOs and trade unions denounce certification issued to PHP yard by classification society RINA

In October, the PHP Family (Peace Happiness and Prosperity) shipbreaking yard received a Statement of Compliance with the Hong Kong Convention [1] by the Italian classification society RINA. Trade unions in Bangladesh, as well as the Platform’s member Bangladesh Institute for Labour Studies (BILS), are concerned that such a labelling sets a dangerous precedent for the further green-washing of the Chittagong beaching yards. Workers and the environment are not protected as long as ships are broken on the beach, and as long as fundamental labour rights and proper infrastructure are ...

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Surge in number of accidents in Bangladesh shipbreaking yards

Until September the NGO Shipbreaking Platform had observed a decrease in the number of accidents in the shipbreaking yards in Chittagong, Bangladesh. Now however, the accident rate for the three first quarters of 2017 has surged with 8 injuries and 6 deaths recorded in ten separate incidents in the last two months alone. On 23 October, Jalal, who worked as a cutter man, died struck by a cable at Arafin Enterprise, the yard where the product tanker LOBATO, owned by Petrobras, is currently being scrapped. Despite early warnings to the ...

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Samsung Heavy in new rights offering to cut credit risks, shares plunge

South Korean shipbuilder Samsung Heavy Industries announced its second rights offering in two years to lessen the risk of tighter credit conditions and forecast a fourth straight year of operating losses, prompting a near 30 percent slide in its shares. The $1.4 billion new share issue, which follows a $1 billion issue in 2016, will be used to pay debt as well as to reduce the risk of banks curtailing lending due to its weak earnings prospects, Samsung Heavy said in a statement. South Korea’s three shipbuilders – the world’s ...

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Sembcorp Marine & Shell sign Letter of Intent for construction of hull and topside as well as integration of Vito FPU

Sembcorp Marine Ltd (the “Group”) is pleased to announce that its wholly-owned subsidiary Sembcorp Marine Rigs & Floaters Pte. Ltd. has signed a Letter of Intent (LOI) with Shell Offshore Inc. (“Shell”) for the construction of the hull and topside as well as the integration of the Vito floating production unit (FPU). If the project moves forward, the Vito FPU will be a new facility located in the Mississippi Canyon, approximately 150 miles south of New Orleans, Louisiana, USA, in water depth of 4,050 ft. Comprising a single topside module ...

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Damen delivers Cutter Suction Dredger 450 to Vesirakennus Ojanen Oy in Finland

Damen has delivered a Cutter Suction Dredger 450 to Vesirakennus Ojanen Oy in Finland. This is the first time a Damen Cutter Suction Dredger has been deployed in the Scandinavian market. The new dredger was delivered in only a few weeks from stock and has been put to work straight away in the Port of Pori, where it is dredging at a depth of 4.5 metres. Olivier Marcus, Damen Product Director Dredging, commented: “We are delighted to have had a breakthrough with the first CSD in the region. Scandinavia is ...

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Chinese Shipbuilders Spearheading The Return To Water

Thordon Bearings has received another order from a Chinese shipyard for its COMPAC system, in a development that indicates more and more of the country’s shipbuilders are specifying water lubricated propeller shafting arrangements as their standard solution. The latest order comes from COSCO Dalian Shipyard, which will install 600mm diameter COMPAC propeller shaft bearings, Thordon’s water quality packages (WQP), ThorShield shaft coatings and bronze shaft liners to three 62,000dwt multi-purpose vessels under construction for COSCO Shipping. Alex Li, Managing Director, CY Engineering, Thordon Bearings’ partner in China, who secured the ...

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Samsung Heavy Has Record Plunge on Share Sale, Loss Forecast

Samsung Heavy Industries Co. plunged the most on record in Seoul trading after forecasting surprise losses and announcing a share sale plan, underscoring the bleak outlook for the global shipbuilding industry. The world’s third-largest shipbuilder said Wednesday it plans to raise 1.5 trillion won ($1.4 billion) by selling new shares in a rights offering. Samsung Heavy, saddled with 3.3 trillion won of short-term debt, expects demand for new vessels and offshore projects to continue shrinking and that will push the company into losses this year and next, compared with analyst estimates ...

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S. Korea’s Shipbuilding Industry Losing Its Cost Competitive Edge

South Korea’s shipbuilding industry has been overtaken by latecomers, including China, in the liquefied natural gas (LNG) carrier, very large crude carrier (VLCC) and offshore plant sectors that the industry has had the most competitive edge in the world. Even Singapore, which has been “immaterial” in the industry, is taking away orders from South Korean shipbuilders. Worsening Cost Competitiveness At the meeting marking the Shipbuilding & Marine Day, which was held for the first time in two years, at EL Tower in Yangjae-dong, Seoul, on December 1, Park Dae-young, president ...

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ISA Towage B.V. celebrates naming of new Shoalbuster 3209 ‘ISA’ at Damen Shipyards Hardinxveld

At a ceremony held on Friday 17 November at Damen Shipyards Hardinxveld (DSHa), the naming of ISA Towage BV’s new Damen Shoalbuster 3209 ‘ISA’ took place. The godmother of the ISA was Mrs. Miranda Mastenbroek, wife of Willem-Harm Mastenbroek, owner and managing director of ISA Towage B.V. The Shoalbuster 3209 is the second vessel to be purchased from Damen by ISA Towage B.V. A smaller Shoalbuster 2709, also called ISA, was delivered at the close of 2016, and it has now been replaced by the 3209. The decision to make ...

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Chinese shipyards eat away Korean shipbuilding market

Hyundai Heavy Industries Co. said it has won orders to build 17 out of 27 very large ore carriers placed by South Korean shipping lines, while Chinese shipbuilders have secured or are in the process of getting contracts for the remaing ships. The shipping companies that won the Brazil-based Vale’s iron ore shipment orders signed contracts with both South Korean and Chinese shipbuilders, which can hurt the ship building industry. The ships will be used to transport iron ore from Brazil to China. Vale is the world’s largest iron ore ...

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Korea’s Three Shipbuilders Expected to Receive Orders of LNG Carrier

As an increasing number of shipping companies are recently seeking to place orders to construct the liquefied natural gas (LNG) carrier, expectations are growing among South Korea’s three largest shipbuilders that they will receive the order. A LNG carrier is the sector in where the nation’s three shipbuilding companies have an overwhelming competitiveness. According to industry sources on November 30, Hyundai Heavy Industries Co. is currently in negotiations with Russia’s Sovcomflot and Greece’s TMS Tankers over a new contract to build a LNG tanker. French energy giant Total entered into ...

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MHI to Establish Two New Wholly-owned Companies under Reorganization of its Shipbuilding Business

Effective January 1, 2018, Mitsubishi Heavy Industries, Ltd. (MHI) will establish two new wholly-owned companies in conjunction with reorganization of its shipbuilding business. Mitsubishi Shipbuilding Co., Ltd. will primarily undertake construction of ships that require intensive outfitting, and Mitsubishi Heavy Industries Marine Structure Co., Ltd. will mainly engage in the manufacture of large ships and marine structures. Mitsubishi Shipbuilding Co., Ltd. will consolidate the current capabilities of MHI’s various shipbuilding bases (Shimonoseki, Nagasaki, etc.) and function as a business company exclusively dedicated to shipbuilding. Its corporate name was chosen to ...

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Damen Shipyards Cape Town opens its doors for a Dredging Seminar and Demonstration

On Thursday, 23 November 2017, Damen Shipyards Cape Town (DSCT) welcomed over 50 invitees from across the Southern African dredging sector to its yard in the Port of Cape Town for a one-day seminar on dredging. The guest list included representatives from a wide range of companies with an interest in dredging; encompassing those that supply dredging services, those that employ dredging services, and various government agencies. The Damen Shipyards Group is a leader in the design and build of both dredging vessels and the equipment they use to extract ...

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Azerbaijan offers Croatia to jointly produce ship spare parts

Azerbaijan offers Croatia to establish joint enterprises for production of spare parts for shipbuilding sector, Azerbaijani Economy Minister Shahin Mustafayev said. Mustafayev made the remarks at a meeting with Croatian Deputy Prime Minister, Minister of Economy, Entrepreneurship and Crafts Martina Dalic in Baku, the Azerbaijani Economy Ministry said on November 29. “Azerbaijan and Croatia have great potential for expansion of ties in industry, shipbuilding, oil industry, chemistry, pharmaceutics, transit, tourism, agriculture, trade and other spheres,” Mustafayev added. The minister also offered to organize a presentation of Azerbaijan’s industrial and petrochemical ...

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